Comment by Liron
4 years ago
Written as if no mistakes were made on their end. Paraphrasing:
"We all thought UST and Anchor were a source of stable >10%/yr gains that you could trust for your corporate treasury. That the yield instead turned out to be -99% is quite disappointing, and makes this a natural time for us to bring our service to an end. It's been a pleasure to serve you."
Anybody who believes that kind of logic deserves to lose their stake. Crypto has spent most of it's formative years riding an historic bull market and claiming it's immune to market forces. Now we have pretty clear evidence that crypto is just a multiple of the Nasdaq.
In a yield-chasing world, there's always a fair amount of correlation between liquid "assets".
There's also the part of "by the way, if you want any of the crappy UST we bought into using your money, make sure you claim it before the fork on May 27th or before the end of June! Peace out!"
>-99%
You know the scene in Office Space when Peter says, “I have eight bosses, Bob.” And then Tall Bob (Dr Cox) leans forward with a surprised look on his face?
I don’t think I’ve ever empathized with Bob in that scene. Until just now.
May I suggest another Office Space clip for this situation: https://twitter.com/liron/status/1527376821045473304
Even serious crypto people knew that UST was highly unstable lol
How did these guys raise funding? They literally just built a fiat onramp
> How did these guys raise funding?
either the investors didn’t do enough research or they were on it
https://davidgerard.co.uk/blockchain/2022/04/11/web3-a-vc-fu...
This article is spot on to what I saw in the VC space (I won’t name where). Tons of little copycat crypto “companies” taking VC money for tokens which were collateralized with BTC. I know this article is going after a16z but it’s not just them, it was pretty much everyone.
Wow!
Don't you need a board resolution to be able to open any financial accounts, yet alone to invest into risky or leveraged assets?
Unless they were targeting crypto projects/companies that usually don't care about legal stuff.